Hero calls followed by margin calls...
Trade What You See - Almost Naked Trading
Hi Survivor,
Welcome to the thread!
I will try to answer your questions as far as I understand.
LG and everyone please correct me if wrong.
1. Basically we look at the RSIs of 4H, daily and weekly to define the trend. It is explained very well by LG in the first post of the thread.
It is true that the RSI can change until the candle closes. However, when all RSIs point in the same direction it is a good setup, because it's a good indication of the overall trend.
2. If you are referring the the 3Tap H4 setup, we do require connecting 3 points...
In #1 above, mention is made re: RSI activity & the first post is suggested reading. The first post encourages to enter upon the 3rd tap (not wait for close of candle), while it is entirely possible the RSI may not be favorable at the close of the candle. Enter mixed emotions
#2 above addresses Survivors concern about needing 3 points to establish a trend. If 3 points are required, then there are quite a few 2 point trend possibilities-until the close of a candle can establish a 3rd point, and at the same time is now the 3rd tap. Sooooo, there now being a 3rd tap, entry should be asap - not waiting for the close (as per page 1). This scenario basically dictates the 3rd point used to establish trend is always the 3rd tap.
Any commentary to help clarify is welcome...
LG uses FXDD whose daily close is at 5pm est (I think). IBFX day starts at 7pm est. If you want to follow along with her, start your 4 hour breakout 2 candles prior on IBFX.
. I'm trying to understand why the precision as submitted on page 1:A. Find the directional bias on weekly, daily, H4. All must match at the time of set-up.
B. You will be looking at the bodies of the first four H1 candles of a new trading day...disregard the tails (wicks)....whenever that is for you. That is one reason period seperators need to be placed on the chart.
The new trading day hours may vary from broker to broker. The market & price action are not aware of this, so my high / low can be considerably different than another broker, simply due to their "business hours". So, are we dealing with a method that has certain characteristics unique to the start of a new business day? To suggest that going back 2 candles is okey dokey seems to take away from the thunder of the prescribed set up. Seems as though conflicting results would be a given.......or not?
- #10,992
- Feb 10, 2011 6:26am Feb 10, 2011 6:26am
- Joined Aug 2010 | Status: Tööröh | 14,292 Posts
I got'cha. Give it a little more room
Hero calls followed by margin calls...
